Warning

 

Close

Confirm Action

Are you sure you wish to do this?

Confirm Cancel
BCM
User Panel

Posted: 5/12/2015 4:37:18 PM EDT
I've got a card that gives a $500 bonus, if x amount is spent within the first few months, it also offers no interest for 6 months. I am coming up on the end of that cycle here shortly and the balance left on the card is nearly $0.

I was sent another offer from them, the same one I applied for and received (deal above). Fine print says cardholders can have two open accounts with them.

Given that I have another planned purchase that would net me the $500 bonus, and could use 6 months no interest to get it paid off, should I apply again? Should I apply first, and then cancel the first card after it is done? Or leave both open? Or don't do anything?

BTW I am "smart" about credit use I never carried a balance until I happened upon this deal.


Thanks
Link Posted: 5/12/2015 9:50:04 PM EDT
[#1]
What company?   I called citi about a similar issue and the (American) CS rep talked me through the ins and outs of their policies.  She was way more helpful than I imagined.  So, try calling them is my advice.  

The only hurdle I see is that a cancellation before application could lower your credit score.  On the other hand, they may give you a lower limit on the new card if your old card stays open.  IIRC, the Citi rep told me to cancel my current account with no balance before applying for a new 0% promo card so my credit limit would be higher on the new card.
Link Posted: 5/13/2015 8:04:05 AM EDT
[#2]
never cancel a card, just put it away and stop using it. only reason to cancel a card is bankruptcy.
Link Posted: 5/13/2015 9:17:39 AM EDT
[#3]
Go for it with the new application.

I do bonuses all the time.  Did you know that Bass Pro Shops (issued through Bank of America) will let you have up to 8 cards?  LOL, I have two, got the first one when I bought a new deer rifle and the second when I picked up a cheap plinking AR (along with a case of ammo, just because they had it and I maxed the new card bonus to the amount allowed).  I also have two Capital One "Quicksilver" cards.

I don't usually take advantage of the 0% for XX months, although mathematically it's the smart thing to do, I just am so debt adverse that I can't stand making payments.
Link Posted: 5/14/2015 2:21:08 AM EDT
[#4]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Go for it with the new application.

I do bonuses all the time.  Did you know that Bass Pro Shops (issued through Bank of America) will let you have up to 8 cards?  LOL, I have two, got the first one when I bought a new deer rifle and the second when I picked up a cheap plinking AR (along with a case of ammo, just because they had it and I maxed the new card bonus to the amount allowed).  I also have two Capital One "Quicksilver" cards.

I don't usually take advantage of the 0% for XX months, although mathematically it's the smart thing to do, I just am so debt adverse that I can't stand making payments.
View Quote

So am I. It was a business purchase. Heck of a lot easier than getting a loan, the 6 months no interest is just gravy.

Appreciate the advice everyone.
Link Posted: 5/16/2015 2:47:35 PM EDT
[#5]
Discussion ForumsJump to Quoted PostQuote History
Quoted:

So am I. It was a business purchase. Heck of a lot easier than getting a loan, the 6 months no interest is just gravy.

Appreciate the advice everyone.
View Quote View All Quotes
View All Quotes
Discussion ForumsJump to Quoted PostQuote History
Quoted:
Quoted:
Go for it with the new application.

I do bonuses all the time.  Did you know that Bass Pro Shops (issued through Bank of America) will let you have up to 8 cards?  LOL, I have two, got the first one when I bought a new deer rifle and the second when I picked up a cheap plinking AR (along with a case of ammo, just because they had it and I maxed the new card bonus to the amount allowed).  I also have two Capital One "Quicksilver" cards.

I don't usually take advantage of the 0% for XX months, although mathematically it's the smart thing to do, I just am so debt adverse that I can't stand making payments.

So am I. It was a business purchase. Heck of a lot easier than getting a loan, the 6 months no interest is just gravy.

Appreciate the advice everyone.


Dad got an offer years ago...60k credit card loan at 0% for a year. He put it in the bank and collected interest for a year then paid it back at the end. Just be sure you understand the terms and can pay it off in time.
Link Posted: 5/16/2015 6:24:55 PM EDT
[#6]
Discussion ForumsJump to Quoted PostQuote History
Quoted:
never cancel a card, just put it away and stop using it. only reason to cancel a card is bankruptcy.
View Quote


well you still may want to use it every now and again. I had a capital one card get cancelled when I didn't use it for like 3 years. They sent me a letter saying they weren't going to renew the account due to inactivity.
Link Posted: 5/17/2015 9:47:54 AM EDT
[#7]
How much does canceling a card actually effect your credit score?  I have a bunch that I opened for their initial benefits, but I've never used them for regular purchasing.
Close Join Our Mail List to Stay Up To Date! Win a FREE Membership!

Sign up for the ARFCOM weekly newsletter and be entered to win a free ARFCOM membership. One new winner* is announced every week!

You will receive an email every Friday morning featuring the latest chatter from the hottest topics, breaking news surrounding legislation, as well as exclusive deals only available to ARFCOM email subscribers.


By signing up you agree to our User Agreement. *Must have a registered ARFCOM account to win.
Top Top